Does Ownership Structure Affect Value? New Evidence From The Spanish Capital Market.

This paper analyzes the influence of ownership structure on firm value. We find a negative relationship between the ownership of shareholders with large blocks, on the one hand, and the degree of control, on the other, with regard to firm value, the second relationship being significant. However, endogenous treatment of these variables then reveals a positive effect for the ownership of the major shareholders on firm value, although the opposite relationship is not significant; and no effect of the degree of control on Tobin´s Q and vice versa. A positive effect is seen when the major shareholders are individuals.